| Under the background of "transforming the mode of economic growth,promoting industrial transformation and upgrading,and promoting high-quality economic development" and "achieving carbon peak by 2030 and carbon neutralization goal by2060".As an important part of industrial economy,resource-based enterprises have the characteristics of single product structure,large resource consumption,low product market competitiveness,serious environmental pollution and low level of innovative technology,which are increasingly prominent in the process of supply side structural reform.Green transformation has become the only way for resource-based enterprises to ensure high-quality and sustainable development.However,the lack of funds,low added value of products,single product structure,lack of core energy technologies,high entry threshold for suitable industries,enterprise system and mechanism problems,etc.all hinder the process of green transformation of resource-based enterprises.How can resource-based enterprises achieve green transformation,break through many difficulties,improve quality and efficiency,and form core competitiveness,It has become an urgent problem to be solved.Therefore,this paper explores the following four problems to explore the effective path of green transformation of resource-based enterprises and provide reference value for their green transformation and improving quality and efficiency:(1)what factors will drive the green transformation of resource-based enterprises?(2)What kind of linkage effect will these driving factors produce to form the green transformation path of resource-based enterprises?(3)What impact will the green transformation of resource-based enterprises have on enterprise performance?(4)Are there differences in the impact of green transformation on enterprise performance under different paths?In order to answer the above four questions,the study puts the "antecedents-consequences" of green transformation into an integrated framework and carries out research along the main line of "theoretical analysis-factor identification-path exploration-performance impact" :(1)Theoretical analysis.Firstly,this paper analyzes the realistic background of the green transformation of resource-based enterprises,quantitatively analyzes and combs the relevant research on the green transformation of resource-based enterprises at home and abroad,and puts forward the research problems on the basis of literature review.Secondly,it defines the core concepts of resource-based enterprises,green transformation and enterprise performance involved in this research,and systematically expounds the sustainable development theory,system theory,selforganization theory and strategic change theory,It lays a foundation for the follow-up research.(2)Driving factor identification,this paper first constructs the self-organization evolution model of green transformation of resource-based enterprises based on the selforganization theory,and holds that the green transformation of resource-based enterprises is a complex system composed of government subsystem,market environment subsystem and enterprise subsystem,involving three levels: macro(government),meso(industry market environment)and micro(enterprise).Then,this paper puts forward the conceptual model of the driving force of green transformation of resource-based enterprises,and further identifies the driving factors of green transformation of resource-based enterprises from three levels according to theoretical analysis,which lays a foundation for further configuration effect analysis.(3)Path exploration,this paper uses the qualitative comparative analysis based on fuzzy sets(fs QCA)method to analyze the configuration effects of seven driving factors,obtains the antecedent configuration(path)leading to high-level green transformation,and traces the typical cases of each configuration(path).Through the horizontal analysis of configuration,explore the potential interaction relationship between the constituent conditions of the four configurations,provide case support for in-depth understanding of each configuration and the logic leading to green transformation through case analysis,and deepen the conclusion.(4)In the part of enterprise performance impact.On the one hand,starting from the overall sample,this paper uses multiple regression analysis to analyze the impact of green transformation on enterprise financial performance and social performance,but based on configuration analysis,it is concluded that different paths can lead to green transformation.This paper also considers whether there are differences in the impact of green transformation based on different configurations on enterprise performance.Therefore,on the other hand,The paper also uses the propensity score matching(PSM)method to test the heterogeneous impact of green transformation based on four configurations on enterprise financial performance and social performance.Based on the above research,this paper draws the following main conclusions:(1)the driving force of green transformation of resource-based enterprises comes from comes from seven driving factors: environmental regulation(ERI),government subsidy(GS),environmental dynamics(ED),environmental complexity(EC),TMT heterogeneity(TMTH),managers' cognition(TMTR)and technological innovation level(TL)at the three levels of government,market environment and organization.(2)There are four paths leading to the high-level green transformation of resource-based enterprises,namely,Manager led active defense green transformation(configuration 1: ERI*ec*ed*tmth*TMTR*tl),Managers lead the positive response green transformation(configuration2: ERI*gs*ec*tmth*TMTR*tl),Technology driven active adaptation green transformation(configuration 3: gs*ec*ed*tmth*TMTR* TL)and Policies promote passive analytical green transformation(configuration 4: ERI*GS*ec*ED*TMTH*TMTR*tl).At the same time,in the process of driving the green transformation of enterprises,there is a mutual relationship between the environmental regulation intensity and the level of enterprise technological innovation,a complementary relationship between managers' cognition and the environmental regulation intensity,and a complementary relationship between government subsidies and environmental dynamics and TMT heterogeneity.(3)On the whole,the green transformation of listed resource-based enterprises in China has a significant negative impact on enterprise financial performance,but it will significantly promote enterprise social performance.Enterprise redundant resources will negatively regulate the negative effect of green transformation and enterprise financial performance,and positively regulate the positive effect of green transformation and enterprise social performance.(4)There are differences in the impact of green transformation through four configurations on enterprise financial performance.The manager led active defensive green transformation significantly improves enterprise financial performance,and the technology driven active adaptive green transformation significantly reduces enterprise financial performance,The impact of Managers lead the positive response green transformation,and policy driven passive analytical green transformation on enterprise financial performance is not significant.The green transformation through four configurations have no difference in the impact on enterprise social performance,and can significantly promote the improvement of social performance.Three innovations were achieved in this paper:(1)The study puts the "antecedents-consequences" of the green transformation of resource-based enterprises in an integrated framework,connect the antecedents and consequences,not only explores the configuration of the green transformation of resource-based enterprises,but also analyzes the difference of the impact of the green transformation considering the configuration on enterprise performance,which enriches the theoretical framework of the research on the green transformation of enterprises.(2)The study analyzes the driving path of green transformation of resource-based enterprises from the perspective of configuration,which enriches the relevant research on the path of green transformation of enterprises.(3)The PSM method is used to analyze the differences of the impact of different configuration driven green transformation on enterprise performance,which expands the research method and perspective of enterprise performance impact.Taking resource-based enterprises as the research object,the studyexplores different green transformation paths,tests the heterogeneity of the impact of green transformation on enterprise performance,provides practical reference suggestions for resource-based enterprises to choose green transformation paths and realize sustainable development,and provides policy suggestions for the government to drive the green transformation of resource-based enterprises.It has certain theoretical and practical significance. |
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